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- Money_illusion abstract "In economics, money illusion, or price illusion, refers to the tendency of people to think of currency in nominal, rather than real, terms. In other words, the numerical/face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in the general price level (in the past). This is false, as modern fiat currencies have no intrinsic value and their real value is derived from all the underlying value systems in an economy, e.g., sound government, sound economics, sound education, sound legal system, sound defence, etc. The change in this real value over time is indicated by the change in the Consumer Price Index over time. The term was coined by Irving Fisher in Stabilizing the Dollar. It was popularized by John Maynard Keynes in the early twentieth century, and Irving Fisher wrote an important book on the subject, The Money Illusion, in 1928. The existence of money illusion is disputed by monetary economists who contend that people act rationally (i.e. think in real prices) with regard to their wealth. Eldar Shafir, Peter A. Diamond, and Amos Tversky (1997) have provided empirical evidence for the existence of the effect and it has been shown to affect behaviour in a variety of experimental and real-world situations.Shafir et al. also state that money illusion influences economic behaviour in three main ways:Price stickiness. Money illusion has been proposed as one reason why nominal prices are slow to change even where inflation has caused real prices or costs to rise.Contracts and laws are not indexed to inflation as frequently as one would rationally expect.Social discourse, in formal media and more generally, reflects some confusion about real and nominal value.Money illusion can also influence people's perceptions of outcomes. Experiments have shown that people generally perceive an approximate 2% cut in nominal income with no change in monetary value as unfair, but see a 2% rise in nominal income where there is 4% inflation as fair, despite them being almost rational equivalents. This result is consistent with the 'Myopic Loss Aversion theory'. Furthermore, the money illusion means nominal changes in price can influence demand even if real prices have remained constant.".
- Money_illusion wikiPageExternalLink 8967.html.
- Money_illusion wikiPageExternalLink IrvingFisher.pdf.
- Money_illusion wikiPageExternalLink E2007_3.pdf.
- Money_illusion wikiPageExternalLink article?id=pde2008_N000166.
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- Money_illusion wikiPageLength "8295".
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- Money_illusion wikiPageRevisionID "695069217".
- Money_illusion wikiPageWikiLink Amos_Tversky.
- Money_illusion wikiPageWikiLink Behavioral_economics.
- Money_illusion wikiPageWikiLink Category:Behavioral_finance.
- Money_illusion wikiPageWikiLink Category:Cognitive_biases.
- Money_illusion wikiPageWikiLink Category:Heuristics.
- Money_illusion wikiPageWikiLink Category:Monetary_economics.
- Money_illusion wikiPageWikiLink Category:Money.
- Money_illusion wikiPageWikiLink Consumer_price_index.
- Money_illusion wikiPageWikiLink Contract.
- Money_illusion wikiPageWikiLink Economics.
- Money_illusion wikiPageWikiLink Eldar_Shafir.
- Money_illusion wikiPageWikiLink Empirical_evidence.
- Money_illusion wikiPageWikiLink Fiat_money.
- Money_illusion wikiPageWikiLink Fiscal_illusion.
- Money_illusion wikiPageWikiLink Framing_(social_sciences).
- Money_illusion wikiPageWikiLink Heuristic.
- Money_illusion wikiPageWikiLink Homo_economicus.
- Money_illusion wikiPageWikiLink Huw_Dixon.
- Money_illusion wikiPageWikiLink Hyperinflation.
- Money_illusion wikiPageWikiLink Inflation.
- Money_illusion wikiPageWikiLink Irving_Fisher.
- Money_illusion wikiPageWikiLink John_Maynard_Keynes.
- Money_illusion wikiPageWikiLink Law.
- Money_illusion wikiPageWikiLink Macroeconomics.
- Money_illusion wikiPageWikiLink Map–territory_relation.
- Money_illusion wikiPageWikiLink Money.
- Money_illusion wikiPageWikiLink Nominal_rigidity.
- Money_illusion wikiPageWikiLink Peter_Diamond.
- Money_illusion wikiPageWikiLink Phillips_curve.
- Money_illusion wikiPageWikiLink Proceedings_of_the_National_Academy_of_Sciences_of_the_United_States_of_America.
- Money_illusion wikiPageWikiLink Purchasing_power.
- Money_illusion wikiPageWikiLink Real_versus_nominal_value_(economics).
- Money_illusion wikiPageWikiLink Salience_(language).
- Money_illusion wikiPageWikiLinkText "Money illusion".
- Money_illusion wikiPageWikiLinkText "money illusion".
- Money_illusion wikiPageUsesTemplate Template:Citation.
- Money_illusion wikiPageUsesTemplate Template:Portal.
- Money_illusion wikiPageUsesTemplate Template:Reflist.
- Money_illusion subject Category:Behavioral_finance.
- Money_illusion subject Category:Cognitive_biases.
- Money_illusion subject Category:Heuristics.
- Money_illusion subject Category:Monetary_economics.
- Money_illusion subject Category:Money.
- Money_illusion type Type.
- Money_illusion type Concept.
- Money_illusion type Field.
- Money_illusion type Heuristic.
- Money_illusion type Type.
- Money_illusion comment "In economics, money illusion, or price illusion, refers to the tendency of people to think of currency in nominal, rather than real, terms. In other words, the numerical/face value (nominal value) of money is mistaken for its purchasing power (real value) at a previous point in the general price level (in the past).".
- Money_illusion label "Money illusion".
- Money_illusion sameAs Q1428509.
- Money_illusion sameAs Geldwertillusion.
- Money_illusion sameAs Mona_iluzio.
- Money_illusion sameAs Ilusión_monetaria.
- Money_illusion sameAs توهم_پولی.
- Money_illusion sameAs Illusion_monétaire.
- Money_illusion sameAs אשליית_כסף.
- Money_illusion sameAs Illusione_monetaria.
- Money_illusion sameAs 貨幣錯覚.
- Money_illusion sameAs Geldillusie.
- Money_illusion sameAs Iluzja_pieniądza.
- Money_illusion sameAs m.040sqx.
- Money_illusion sameAs Денежная_иллюзия.
- Money_illusion sameAs Penningillusion.
- Money_illusion sameAs Ілюзія_грошей.
- Money_illusion sameAs Ảo_giác_tiền_tệ.
- Money_illusion sameAs Q1428509.
- Money_illusion sameAs 金錢幻覺.
- Money_illusion wasDerivedFrom Money_illusion?oldid=695069217.
- Money_illusion isPrimaryTopicOf Money_illusion.